External broker reports(aggregated public sources), CMB International

CMB International

External broker reports(aggregated public sources)

Incorporated in Hong Kong, supported by the mainland and targeting in global market, CMB International Capital Corporation Limited (“CMBI”) is an integrated financial institution providing comprehensive and professional services. As a wholly-owned subsidiary of China Merchants Bank ("CMB"), by leveraging on the Group’s synergy and coordination in domestic and overseas markets, as well as CMB’s strong resources and outstanding social reputation, CMBI and its subsidiaries have been actively implementing diversified business strategies and set up an overall layout of main business segments including Corporate Finance, Asset Management, Wealth Management, Global Markets and Structured Finance, etc. Adhering to the philosophy of “being clients oriented and increasing our own values by the way of creating value for clients”, CMBI endeavors to provide quality and integrated financial services to institutional, corporate and individual customers both domestic and overseas including Hong Kong IPO sponsorship and underwriting, share placement and rights issue for listed companies, financial advisors, bonds issuance services, asset management, direct investment, wealth management, equity sales and trading, etc.

Thematic (Sector/Industry)

<ul><li>Seven out of the 16 leading PCB manufacturers in China have announced profit alerts by mid-July, with an avg. 75% to 105% YoY and 21% to 43% QoQ increase in net profit for 2Q24.</li><li>We think the strong performance is supported by inventory restocking and upgrade cycle driven by the AI boom.</li><li>These positive announcements added momentum for the PCB sector, with an avg. 9% month-to-date increase in share price (for the seven companies with profit alerts announcements).</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Seven out of the 16 leading PCB manufacturers in China have announced profit alerts by mid-July, with an avg. 75% to 105% YoY and 21% to 43% QoQ increase in net profit for 2Q24.We think the strong performance is supported by inventory restocking and upgrade cycle driven by the AI boom.These positive announcements added momentum for the PCB sector, with an avg. 9% month-to-date increase in share price (for the seven companies with profit alerts announcements).Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Semiconductors - PCB sector: 1H24 earnings preview

Asia Pac IPO & Placement Research, China biotech, Aequitas Research

Ke Yan, CFA, FRM

Asia Pac IPO & Placement Research, China biotech

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Quantitative Analysis

<ul>
<li>We analyze the weekly Shanghai/Shenzhen northbound Connect flows with our data engine for holding position as of July 5th.</li>
<li>We estimate the weekly outflows to be US$1,769.7 million, led by information technology, materials, industrials, and offset by communication services, real estate, utilities.</li>
<li>We note that outflows have been consecutive for four weeks and highlight outflows for CATL (300750 CH).</li>
</ul>


We analyze the weekly Shanghai/Shenzhen northbound Connect flows with our data engine for holding position as of July 5th.
We estimate the weekly outflows to be US$1,769.7 million, led by information technology, materials, industrials, and offset by communication services, real estate, utilities.
We note that outflows have been consecutive for four weeks and highlight outflows for CATL (300750 CH).


Northbound Flows (Jul 5th): 4 Weeks of Outflows

Equity Bottom-Up

<ul><li>Shengyi Tech unveiled its FY23 earnings preview after Tuesday's market close.</li><li>Full-year revenue was RMB16.6bn (-7.9% YoY) and net profit was RMB1.16bn (- 24.0% YoY), which were 3%/13% and 3%/9% lower than our/consensus estimates, respectively.</li><li>For 4Q23, revenue decreased 2.3% YoY and 5.1% QoQ to RMB4.2bn. Quarterly net profit dropped more sharply by 20.8% YoY and 23.1% QoQ to RMB264.6mn. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Shengyi Tech unveiled its FY23 earnings preview after Tuesday's market close.Full-year revenue was RMB16.6bn (-7.9% YoY) and net profit was RMB1.16bn (- 24.0% YoY), which were 3%/13% and 3%/9% lower than our/consensus estimates, respectively.For 4Q23, revenue decreased 2.3% YoY and 5.1% QoQ to RMB4.2bn. Quarterly net profit dropped more sharply by 20.8% YoY and 23.1% QoQ to RMB264.6mn. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Shengyi Tech (600183 CH) - FY23 preliminary results review; expect gradual recovery in 2024

<ul>
<li>We have noticed several news outlets reporting that Shengyi Tech’s latest ultralow (UL) loss CCL product (Synamic9GN) has been certified by Nvidia and is expected to begin the next testing phase soon.</li>
<li>Entering Nvidia’s supply chain not only is a validation of the company’s R&amp;D capabilities, but also suggests the company is likely to see continued margin expansion as high-end products typically yield a higher margin.</li>
<li>Our positive outlook for the company is further bolstered by its extensive market reach and the potential for the CCL sector to recover more quickly than the PCB sector in 2024.</li>
</ul>
Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.


We have noticed several news outlets reporting that Shengyi Tech’s latest ultralow (UL) loss CCL product (Synamic9GN) has been certified by Nvidia and is expected to begin the next testing phase soon.
Entering Nvidia’s supply chain not only is a validation of the company’s R&amp;D capabilities, but also suggests the company is likely to see continued margin expansion as high-end products typically yield a higher margin.
Our positive outlook for the company is further bolstered by its extensive market reach and the potential for the CCL sector to recover more quickly than the PCB sector in 2024.

Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Shengyi Tech (600183 CH) – Expect Shengyi to Enter Nvidia Supply Chain in 2024

<ul><li>Shengyi released its 3Q results. Revenue was RMB4,467mn with YoY growth of 3.8% growth and QoQ growth of 8.3%.</li><li>Net profit was RMB344mn with YoY growth of 31.6% and QoQ growth of 12.0%.</li><li>GPM expanded from 19.7%/18.9% in 1Q23/2Q23 to 20.0% in 3Q23, and its NPM expanded from 6.6%/7.4% in 1Q23/2Q23 to 7.7% in 3Q23.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Shengyi released its 3Q results. Revenue was RMB4,467mn with YoY growth of 3.8% growth and QoQ growth of 8.3%.Net profit was RMB344mn with YoY growth of 31.6% and QoQ growth of 12.0%.GPM expanded from 19.7%/18.9% in 1Q23/2Q23 to 20.0% in 3Q23, and its NPM expanded from 6.6%/7.4% in 1Q23/2Q23 to 7.7% in 3Q23.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Shengyi Tech (600183 CH) – Decent 3Q Results

China

Shengyi Technology Co., Ltd. manufactures and markets electronic components. The Company's products include copper coated panels, printed circuit boards, and other related products.

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Shengyi Technology (600183 CH)

Semiconductors - PCB sector: 1H24 earnings preview

Seven out of the 16 leading PCB manufacturers in China have announced profit alerts by mid-July, with an avg. 75% to 105% YoY and 21% to 43% QoQ...

CMB International

Northbound Flows (Jul 5th): 4 Weeks of Outflows

We analyzed northbound Shanghai/Shenzhen connect flows in the past week. We estimate the outflows to be USD1.8bn and highlight flows for CATL.

Ke Yan, CFA, FRM

Shengyi Tech (600183 CH) - FY23 preliminary results review; expect gradual recovery in 2024

New CCL product, which has been certified by Nvidia and is expected to begin the next testing phase soon, should also contribute additional revenue...

CMB International

Shengyi Tech (600183 CH) – Expect Shengyi to Enter Nvidia Supply Chain in 2024

We have noticed several news outlets reporting that Shengyi Tech’s latest ultralow (UL) loss CCL product (Synamic9GN) has been certified by Nvidia...

CMB International

Shengyi Tech (600183 CH) – Decent 3Q Results

Shengyi released its 3Q results. Revenue was RMB4,467mn with YoY growth of 3.8% growth and QoQ growth of 8.3%. Net profit was RMB344mn with YoY...

CMB International

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